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Home rental platform Obligo raises $35M for expansion

Obligo, the home rental platform that calculates a renter’s eligibility to rent deposit-free, has raised $35 million in Series B funding.

Obligo has partnered with over 100 U.S. property owners and managers including Beam Living, the company that manages the massive Stuyvesant Town complex on the east side of Manhattan,  the co-living company, Common, and AIR, one of the largest owners and operators of multifamily housing in the US.

The fintech firm uses Open Banking data and AI to determine a renter’s eligibility to rent deposit-free. Renters then proceed to make their move-in payments online, including a traditional security deposit if needed. At move-out, Obligo handles any end-of-lease deductions, refunding of deposits and billing the renter for any open charges.

“An Obligo-powered experience provides renters with flexibility, peace of mind and financial freedom,” said Roey Dor, CEO of Obligo. “Thanks to powerful software integrations and elimination of all paper processes, the operational and financial benefits to owners and operators are substantial.”

The Series B funding was led by investor 83North with additional investors including HighSage Ventures, 10D, Entrée Capital, Alumni Ventures, MUFG Innovation Partners and La Maison Partners.

Combined with its recent Series A round, Obligo has raised over $50 million in the last 12 months.

The new funding will be used to expand its product suite, grow market share and bring rental solutions to millions of homes across the United States.

“Obligo is a disruptive and innovative solution, both in its ability to make predictions about renter risk and in its effective debt recovery process,” said David Buttress, Partner with 83North. “We believe the product suite is becoming an irreplaceable industry standard in the U.S. and beyond.”

Founded in 2018 by brothers Roey and Omri Dor, Obligo aims to streamline rental owners operations, boost their bottom line, power a superior rental experience and comply with ever-changing regulations ultimately making the rental process as simple as checking in and out of a hotel.

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